RATE Group | Bitcoin Price Falls $1,400 in One Week — Is the Bear Market Back?
81279
post-template-default,single,single-post,postid-81279,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Falls $1,400 in One Week — Is the Bear Market Back?

29 Feb Bitcoin Price Falls $1,400 in One Week — Is the Bear Market Back?

Posted at 18:33h in Bitcoin News by

[ad_1]

This week the equity markets experienced their worst week in 12 years and as this meltdown took place the crypto market also took a hit. 

Bitcoin (BTC) and the cryptocurrency market saw a significant selloff this week and this outcome is relatively reasonable given that people sell their assets out of fear of potential economic instability. Other safe-haven assets like gold and silver also saw a massive selloff on Friday. 

Are the crypto markets going to find support in the coming weeks, or will we see a continued downtrend in momentum? 

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Selloff ensues after Bitcoin lost key support at $9,400

The price of Bitcoin found resistance at the $10,400 level, after which a test of the $9,400 support was heavily needed. The $9,400 level was unable to provide sustainable support and as the price fell through it this caused a significant selloff throughout the crypto market.

BTC USDT daily chart

BTC USDT daily chart. Source: TradingView

The sell-off led to the next…

[ad_2]

Source link

Tags:
, , , , , ,